Form 1120-POL is an annual information return typically filed by political and certain tax exempt organizations electronically. Organizations that have a remaining taxable income after the $100 special deduction has been applied usually file Form 1120-POL to report taxable income and income tax reliability under section 527.
Organizations that operate on a standard calendar tax year of 12 consecutive months (January 1 - December 31) should file annually on April 15.
Organizations that operate on a fiscal tax year of 12 consecutive months ending on the last day of any month except December, would file on the 15th day of the 4th month after the last month that concludes their fiscal tax year.
Note: If your deadline falls on a weekend or National Holiday, your deadline will be the following weekday.
Additional information will be required when filing Form 1120-POL that is reported on what is known as a "schedule." Schedule D and three attachments, which will be auto-generated during the filing process based upon the information you provide, should be filed along with your Form 1120-POL.Learn More
Do you need to make a correction to a Form 1120-POL return that you previously filed? No need to worry. You can easily file an amended Form 1120-POL return and correct any information that needs to be changed as well as provide an explanation why the political organization needed to amend the Form 1120-POL.Learn More
Note: In order to e-file an amended Form 1120-POL return your original return has to be e-filed with TaxBandits.
Filing your political organization Form 1120-POL Online is very simple with our step-by-step e-filing process.
If you find yourself not ready to file your organization's Form 1120-POL return by its original filing deadline, there's no need to worry. You can request an additional 6 months to file by submitting Form 7004 by the original filing deadline.
Penalties are charged for 1120-POL organization for either filing the return late or paying the Tax late. The other penalties are for negligence, understatement of tax, fraudulent practices in sharing information for the return.Learn More